XRP20, a decentralized exchange (DEX) token, has been trading on Uniswap since August 22. Despite the general crypto market weakness, its price has been resilient. Today, the XRP20 team announced that 5% of the total token supply will be burned, reducing the total supply and creating greater scarcity. This burn event is in addition to the 0.1% transaction burn that already takes place, showing a clear commitment by the team to support the price of the coin and actively seek ways to enhance its value.The XRP Army, as the XRP community is known, is increasingly turning to XRP20 as an alternative way to realize some of the locked-up value associated with the token’s history and utility. Currently, 25 billion tokens are being staked, earning an annual percentage yield of 40%. Staking rewards are distributed over four years at 3,750 per ETH block produced.The price of XRP20 has been trading in a channel established hours after trading began. Bulls are targeting a return to the all-time high of $0.0001336. It promises to be a bullish end to the week for XRP20 as buyers enter the fray to catch the expected uplift in price from the burn event. There may also be further burn events in the works to propel the price higher.If you are looking for a winning trade on the ‘version 2’ theme that has seen a stream of coins launched inspired by an already-existing crypto asset, then XRP20’s mission to revitalize the XRP ecosystem could be the best place to look, but DYOR. XRP20 is a fully decentralized, deflationary, yield-bearing, and Ethereum compatible token with the critical features for longevity that all crypto asset holders crave. Market participants can trade the token on Uniswap, DEXTools, or swap directly on the Uniswap DEX. Join Our Telegram channel to stay up to date on breaking news coverage.
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
positive |
| Relevance Score |
8 |
| People |
None |
| Companies |
Ripple Labs, Uniswap, SEC, Robinhood, DEXTools |
| Currencies |
XRP20, WETH, XRP, ETH, Bitcoin, Uniswap |
| Securities |
None |
